Business
MAGYAR BANCORP, INC. ANNOUNCES THIRD QUARTER FINANCIAL RESULTS, DECLARES DIVIDEND, APPOINTS MICHAEL R. LOMBARDI AS DIRECTOR
NEW BRUNSWICK, N.J., July 25, 2024 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its
About this update from Magyar Bancorp, Inc.
[{"type":"text","content":"NEW BRUNSWICK, N.J., July 25, 2024 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) (\"Company\"), parent company of Magyar Bank, reported today the results of its operations for the three and nine months ended June 30, 2024.\n\nThe Company's net income was $1.7 million for the three months ended June 30, 2024 and $5.2 million for the nine months ended June 30, 2024. Basic and diluted earnings per share were $0.27 for the three months ended June 30, 2024 and $0.83 for the nine months ended June 30, 2024.\nThe Company also announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share, which will be paid on August 22, 2024 to stockholders of record as of August 8, 2024.\nThe Company further announced that Michael R. Lombardi was elected to serve as Director of the Company on July 25, 2024. Mr. Lombardi will serve as a member of the class of Directors whose term expires following the fiscal year ending September 30, 2026.\n\"The challenging interest rate environment continues to impact our net interest margin,\" stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. \"During the past quarter our cost of funds increased as deposit acquisition and retention becomes more rate sensitive, however our continued loan growth has helped mitigate some of its impact and we anticipate that our margin will begin to stabilize during the second half of the calendar year.\"\nMr. Fitzgerald continued, \"We are pleased with the continued strength of our loan portfolio during this era of high inflation, with our non-performing loans declining to 0.60% of total loans during the quarter. In addition, we are pleased to announce that we have entered into a lease for a new branch office in Martinsville, New Jersey, which will further strengthen our ability to serve customers in the Somerset County market.\"\nAbout Magyar BancorpMagyar Bancorp is the parent company of Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey since 1922 with a complete line of financial products and services. Magyar operates seven branch locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, and Edison (2). Please visit us online at www.magbank.com.\nForward Looking StatementsThis press release contai...